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Top 10% of U.S. earners drive nearly half of all consumer spending: Moody's

The US economy is heavily reliant on the top 10% of earners, who account for nearly half of all consumer spending, according to Moody's.
Individuals in lower-income brackets are facing increased financial struggles, with credit card delinquency rates reaching 11%, according to the New York Fed.
Spending by the wealthiest Americans has significantly increased, outpacing inflation, while spending among the lower 80% has remained sluggish, according to the Wall Street Journal.
Mark Zandi from Moody's noted that the economy is more dependent on wealthy individuals than ever before.

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The Week

Rich people are 'powering' America's economy

Rich people buy more stuff. That has always been the case. But something's changing: America's wealthy aren't just purchasing more than everybody else — they're increasingly propping up the entire U.S. economy with their spending.The economy "depends more than ever on rich people," said The Wall Street Journal. Households making more than $250,000 represent just the top 10% of all earners, but a new report from Moody's Analytics reveals they now…

19 hours ago·Washington, United States

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Vice

Rich People Are Powering the Economy—No One Else Has Money

Here’s something you already knew without having read a headline explicitly spelling it out: rich people in the United States are almost single-handedly powering the economy right now because they’re the only ones with money to burn. The top 10 percent of earners are responsible for 49.7 percent of all spending in the United States. That sets a new record that no one—other than the most out of touch within that 10 percent—would celebrate. To put…

22 hours ago·New York, United States

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Fox Business

America's wealthiest households driving nearly half of consumer spending: Moody's

A new report by Moody's Analytics found that the top 10% of American households in terms of income earned are driving nearly half of all U.S. consumer spending.

1 day ago·United States

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Straight Arrow News

US economy depending on the wealthy more than ever: Report

A new report shows the wealthiest 10% of Americans are keeping the U.S. economy going right now, accounting for nearly half of all consumer spending. Meanwhile, working- and middle-class Americans have had to cut down on spending. The wealthiest 10% make $250,000 or more each year. Federal Reserve data shows credit card delinquency among non-wealthy Americans is the highest it's been since 2011. Full Story America’s economy is doing well right n…

2 days ago

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